Facts for Prelims (FFP)
Source: TH
Context: The government has raised the authorised capital of FCI from ₹10,000 crore to ₹21,000 crore to bolster its operational capabilities and fulfil its mandate effectively.
What is Authorised Capital?
Authorized capital, also known as nominal or registered capital, refers to the maximum amount of share capital a company is permitted to issue as outlined in its Memorandum of Association (MoA). The company cannot issue shares beyond this specified amount. For the Food Corporation of India (FCI), an enhanced authorized capital would facilitate initiatives such as:
- Modernizing storage facilities
- Improving transportation networks
- Adopting advanced technologies
- Alleviate the interest burden of FCI
About Food Corporation of India (FCI):
It is a Public Sector Undertaking under the Department of Food & Public Distribution, Ministry of Consumer Affairs, Food, and Public Distribution. Established in 1965 under the Food Corporations Act 1964, FCI was created to address significant grain shortages, particularly in wheat. It operates alongside the Commission for Agricultural Costs and Prices (CACP), which recommends fair prices to farmers. FCI’s main responsibilities include purchasing, storing, transporting, distributing, and selling food grains and other essential food items.
Related news:
Exports by APEDA
Source: PIB
Context: In the fiscal year 2022-23, APEDA accounted for nearly half (USD 26 billion) of the total agricultural exports (which stood at nearly USD 53 billion).
About APEDA:
Established under the Agricultural and Processed Food Products Export Development Authority Act, 1985, APEDA is mandated with promoting and developing exports of scheduled products including fruits, vegetables, poultry, dairy, and confectionery products. APEDA also, serves as the Secretariat to the National Accreditation Board, accrediting certification bodies under the National Programme for Organic Production.
